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October 15, 2010

Comments

John Rowe

Dick, I would be interested to read your take on the mess in the foreclosure document chain. I have heard that title companys will stop issuing policies on properties that are involved. What are you seeing in your business?

Joe

Get your money out of the banks, get your rabbit ears back, and load up on weapons. They can close your bank account with a switch, turn off your TV with digital, and everything else.

Dick Lepre

John, The foreclosure notarization issue is, in my view, overstated. The issue, essentially, is that people are notarizing something saying that they have read a big pile of paper when in fact they have simply been told that the beneficiary has not received payments and that per the note foreclosure can be instututed. Yes people are notarizing something which is inaccurate which is that THEY read this stuff. Do people in Congress read laws they vote on? Do borrowers read every page they sign? Does anyone read the 14 page document you are sent when yout smart phone software is updated? Banks instituting foreclosure will indemnify title companies against any losses so that buyers will be able to get title insurance.

Dick Lepre

WSJ has a good article on the foreclosure ducumentation issue:

http://online.wsj.com/article/SB10001424052748704049904575554372238256744.html?mod=WSJ_hpp_LEFTTopStories

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